Jaguar's global brand director has revealed some new details about the highly-anticipated X-Type successor.

According to a recent report, Jaguar is close to approving the highly-anticipated X-Type successor.

Autocar says the model will ride on the company's Premium Lightweight Architecture - which recently debuted on the new Range Rover - and use a variety of fuel-efficient four-cylinder engines. In an effort to reduce costs, up to 90 percent of the components could be shared with the next-generation XF and XJ.

In a rather frank admission, Jaguar global brand director Adrian Hallmark acknowledged it wouldn't be easy to go toe-to-toe with BMW and Mercedes. As explained, “It took Audi 20 years to build up to where it is. For us to come in and go to the top of the league is impossible, so we have to find ways of expanding our business profitably and we’re well developed in that process."

That's a little vague, but Hallmark hinted the company will introduce something with their own "twist." The executive added we can expect a variety of different body styles including a sedan, coupe, convertible and wagon.

The decision to move ahead with the entry-level model has resulted in the crossover being put on the back burner. According to Hallmark, “Even though the SUV market is growing, the saloon market is still twice the size, especially in the US." He added that since Land Rover already makes crossovers, Jaguar doesn't feel rushed to get one to market as soon as possible.